Bank of America to Pay $11M in Travel Reimbursement Suit

Bank of America Corp. will pay $11 million to end a lawsuit claiming it failed to reimburse hundreds of mortgage loan officers for work-related travel expenses.

The deal, which received preliminary court approval Nov. 14, will affect about 1,900 loan officers who said the bank violated California law by failing to reimburse them for using their personal vehicles for outside sales work.

Class members who don’t opt out will see about $7.6 million from the settlement. The rest will go toward attorneys’ fees, administrative fees, service awards, and a $37,500 penalty to the California Labor Workforces Development Agency.

Bank of ...